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Discovered I have a pension

Discovered I have a pension

Old Feb 15th 2012, 8:48 pm
  #1  
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Default Discovered I have a pension

Moved from UK to California 12 years ago.

I recently discovered I still have some pension benefits from a previous UK employer.
Here's some questions I have and would appreciate some input.

1. They sent a letter saying I have a Guaranteed Minimum Pension of 10,428 GBP. Is that the payout per year but paid monthly? Is it usually inflation linked?

2. Do I still benefit from a UK State Pension? 14 years NI contributions.

3. Are pensions taxable in the UK? Is UK pension taxable by the US? Will my S.S. be affected?


I know that's a bunch of questions. I'm grateful for feedback.
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Old Feb 16th 2012, 4:08 am
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nun
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Default Re: Discovered I have a pension

Originally Posted by hotscot View Post
Moved from UK to California 12 years ago.

I recently discovered I still have some pension benefits from a previous UK employer.
Here's some questions I have and would appreciate some input.

1. They sent a letter saying I have a Guaranteed Minimum Pension of 10,428 GBP. Is that the payout per year but paid monthly? Is it usually inflation linked?

2. Do I still benefit from a UK State Pension? 14 years NI contributions.

3. Are pensions taxable in the UK? Is UK pension taxable by the US? Will my S.S. be affected?


I know that's a bunch of questions. I'm grateful for feedback.
I will assume you are a US resident and UK citizen

1) Cannot answer you ned to call your pension provider.
2) You should qualify for 14/30ths of basic state pension and can have that paid into a US bank account.
3) If your pension is covered under the UK/US Tax Treaty (if it's an employer sponsored pension it probably is) then as a US resident it will only be taxable in the US, you should file an HMRC US-Individual-2002 form to claim UK tax relief. This also goes for UK state pension payments.

If you receive UK state pension and have fewer than 30 years of US FICA payments the your US SS payments will be reduce under the Windfall Elimination Provision (WEP)
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